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NBPE Announces August Monthly NAV Estimate

25 September 2024

NB Private Equity Partners (NBPE), the $1.3bn¹, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 August 2024 monthly NAV estimate.

NAV Highlights (31 August 2024)

• NAV per share was $27.44 (￡20.88), a total return of 0.1% in the month

• Performance driven by 1.4% quarterly uplift in private company valuations (ex-FX), offset by negative FX adjustments of 0.2%

• Year to date NAV TR of 1.2%

• $73 million invested in new and follow on investments year to date

• $390 million of available liquidity at 31 August 2024

• 2H 2024 dividend of $0.47 paid on 30 August 2024

• Annualised dividend yield at 31 August 2024 NAV of 3.4%; annualised share price yield is 4.5% based on the closing share price of ￡15.92 on 31 August 2024

*Reflects cumulative returns over the time periods shown and are not annualised.

Portfolio Update to 31 August 2024

Following the 1H private portfolio valuation increases, movements in public holdings and FX in July and August, NBPE’s NAV TR year to date was 1.2%.

NAV performance during the month driven by:

• 0.1% NAV increase ($1 million) from postive FX movements

• 0.5% NAV increase ($7 million) from the value of quoted holdings (which now constitute 7% of portfolio fair value)

• 0.4% NAV decrease ($5 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

Realisations from the portfolio continue in 2024

• $5 million received during the month and a further $6 million expected in the coming months from the announced realisation of Syniti

• $158 million of realisations received year to date, driven by Action and previously announced sales of Cotiviti, Melissa & Doug, FV Hospital and Safefleet as well as partial sales of public stock and continued realisations from the legacy income investment portfolio

$390 million of total liquidity at 31 August 2024

• $180 million of cash and liquid investments with $210 million of undrawn credit line available

$73 million invested in 2024 in new and follow-on investments

• $25 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry

• $38 million invested into two U.S. healthcare businesses, Benecon and Zeus

• $10 million of additional new and follow on investments

$0.47 semi annual dividend paid on 30 August 2024

• Bringing total dividends paid to shareholders since 2013 to approximately $360 million

Portfolio Valuation

The fair value of NBPE’s portfolio as of 31 August 2024 was based on the following information:

• 7% of the portfolio was valued as of 31 August 2024

• • 7% in public securities

• 93% of the portfolio was valued as of 30 June 2024

• • 92% in private direct investments

  • 1% in private funds

For further information, please contact:

NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason [email protected]

Kaso Legg Communications +44 (0)20 3882 6644

Charles Gorman [email protected]
Luke Dampier
Charlotte Francis

Supplementary Information (as at 31 August 2024)

*Undisclosed company due to confidentiality provisions.

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $481 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of June 30, 2024.

¹ Based on net asset value.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

Attachments

• August 2024 NBPE FactsheetvF

• NBPE Investor Presentation - September vF